Newmark Grubb Knight Frank (NGKF) is pleased to announce that Jeffrey Miller, SIOR, and senior managing director in the firm’s Chicago office, recently arranged the successful purchase of 500 36th Street in East Moline, Illinois on behalf of an undisclosed buyer, a regional repeat client of NGKF. The acquisition of the Quad Cities area manufacturing facility is valued at more than $5 million.
500 36th Street is a 95,000-square-foot manufacturing facility comprising of 87,320 square feet of warehouse space, along with 7,680 square feet of office space. The property features eight dock doors, two drive-in doors and 16’ ceilings. The facility is 100 percent leased to JMF Company, a wholly subsidiary of Zheijiang Hailiang Co., LTD. Miller and attorney Ben Yeggy of Gomez May LLP represented the buyer in the acquisition, and Chris Wilkins of NAI Ruhl Commercial Company and attorney Dick Davidson of Lane & Waterman LLP represented the seller, Bears in Bettendorf, L.C.
“The client is an active investor in investment real estate,” said Miller. “Our NGKF research identified this facility due to its centralized location and long-term tenancy. It was also a great investment opportunity based on its investment return and its 100 percent occupancy by a dynamic and growing company.”
Miller joined NGKF in 2015 and focuses his efforts on the Quad Cities region of Illinois and Iowa for the firm’s industrial team. He splits his time between the Chicago and Davenport, Iowa offices, and serves as NGKF’s managing broker in Iowa. Prior to joining NGKF, Miller was with his own firm in the Quad Cities where he represented a variety of national, regional and local clients in the acquisition, disposition and leasing of industrial and office real estate. An active SIOR designee, Jeff has over 33 years of experience and in-depth, broad-based knowledge in the areas of industrial, office and retail leasing, office and land sales and build-to-suits, as well as marketing expertise.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.